FIC Chairman: Romania's banking system misses capital market

Romania's banking system misses a capital market and must be bureaucratically more efficient, said Steven van Groningen, chairman of the Foreign Investors Council (CIS) and of Raiffeisen Bank, during a conference on banking.

'A managing director must provide a lot of explanations about what happens in Romania. There are a lot of opportunities in Romania, but the investors have many inquiries. The international uncertainties are high. Romania also misses a capital market. In the same time, we are talking about investments and capital. The regulation bureaucracy costs are fairly high in Romania. The banking system must get more efficient,' said van Groningen.

According to the CIS official, the investors have brought almost 40 billion euros in Romania so far.

'The investors have brought 40 billion euros in Romania so far. The reality is that 85 percent of those who have credits in Romania, pay them for the 15 percent who do not do this. The banking system is still reporting losses, we have a lot of problems. So, what do we do about it? We must take a look at our clients, to know their needs. As for the clients, they should know the bank's interests. We must create a normal bank-client relation,' said van Groningen.

Finmedia and the National Bank of Romania, with the support of the Romanian Banking Association are holding the 15th edition of the Romanian Banking Forum.

The forum is an occasion for debates among experts in the financial-banking area, top and middle management, in the research and education institutions, IT companies, consultancy companies, lawyers, investment funds, pension funds and leasing companies.